Thursday, March 5, 2009

Companies and jobs leaving NY

From the NY Times:

As unemployment and commercial vacancy rates have risen in places like Stamford, Conn., and Morris County, N.J., officials in those states have stepped up efforts to lure New York companies.

New Jersey’s governor, Jon S. Corzine, has proposed spending $150 million a year to attract larger businesses that promise to create at least 200 jobs in certain urban areas served by commuter train lines. New Jersey recently offered a 10-year subsidy package worth $74.6 million to the Depository Trust & Clearing Corporation in Lower Manhattan, which is considering moving. And in December, the state granted $16.5 million in incentives to Tullett Prebon, a British financial company whose main American operations are in Manhattan. The company has promised to move 330 jobs to New Jersey.

Connecticut officials say they are in discussions with several New York companies, but declined to provide details.

8 comments:

Lino said...

There is nothing new about states trying to lure our companies and jobs away. However after several Republican administrations have weakened rent regulations and made cuts to social services, the middle/working class is simply getting tired of being soaked.

Really, for the last 15 years our city has whored itself to the real estate and landlord lobbies.

The Giuliani-Pataki-Bruno troika f'ed us in order to serve their masters, and if this trend continues it will repeat what began right after WW2 and accelerated with the rise of crime in the 1960s -White Flight.

If the city is hollowed-out again in this manner, you -will- see the dreadful 70s return.

Anonymous said...

BS...
Jersey's just as bankrupt as New York...maybe worse!

Corzine's a con man whistling past the graveyard he left his state in!

Rent isn't so low there either.

And if you own a home the real estate taxes are through the roof.

And all those greatly touted shopping malls are closing up a lot of stores.

OOPS BUT WATCH OUT.....
Mayor Bum-berg is going to
offer businesses (especially real estate developers) EVEN MORE "INCENTIVES"!

We're about to be f----d
from both ends if "hizzoner"
has his way!

NO THIRD TERM!

Anonymous said...

Bloomberg wants to empty NYC of its middle class.

They're his chief critics and nobody care what the remaining poor folks have to say anyway!

Anonymous said...

The problem with all of this is that the companies play one state against the other for taxpayer's money. No loyalty, no lasting business development. It's a shame that the states don't just refuse to play that game and tell the private companies to relocate to wherever makes the most business sense.

Business, after all is supposed to be governed by rationality, and it is unfair to take money meant for public purposes to give to private individuals or to take money from one business to give to its worst rival.

Anonymous said...

The problem with all of this is that the companies play one state against the other for taxpayer's money. No loyalty, no lasting business development.

---

Whats your beef? Communities do this with downzoning and community preservation funding.

Anonymous said...

NY did the same thing by offering tax incentives to companies moving downtown after September 11th. The tax incentives were offered to companies who promised to stay in the space and create a certain number of jobs over a pre determined length of time. The same types of incentives were offered for locations in Long Island City and Brooklyn. Many companies used those breaks and created jobs, and kept the tax revenue in the city. Its not a new trick, and it is likely that some of those companies wont be moving.

Anonymous said...

With Bloomberg and Paterson's able assistance, the rich and powerful are on the verge of getting what they've sought for so long--complete control of the City of NY. The only people who will be able to dwell here will be the superwealthy and the illegal slave class they brought in to raise their children,clean their swell homes, do their gardening and work at their businesses off the books. We, of course, pick up the tab for the medical, educational and other needs of this subclass of worker who, contrary to the brainwashing number put out by the wealthy, do NOT pay taxes and do not contribute to Social Security.

Keep voting Republican and Democratic so this plan can finally become a reality. We've already displayed nauseating tolerance for a billionaire who was able to purchase a major political office. Bloomie has the assets to stay in office as long as it suits him since we wusses won't do anything meaningful to remove him and his ilk. We keep the same politicos in office term after term without putting any pressure on them to deliver on campaign promises. Then, we bitch and whine about their failure to look after us.

We get what we deserve.

Anonymous said...

One of the major problems with NY is one of the major problems with America--we've hollowed out our real economic base in search of paper wealth.

When I was young New York was an economic powerhouse. The following industries have been decimated or completely destroyed in my lifetime:

Marine and Ports
Electronics
Aircraft Manufacture
Industrial Bakeries
Breweries
Printing
Garments (hanging by a thread)
Wholesale food distribution
Rail and light rail transportation
Electrical parts
Advertising
Newspapers

How are ordinary people supposed to support their families and generate the income to pay for those costly apartments?